The Japan Times
U.S. ⁠officials this week said the historic spike in fuel prices during the war in Iran will be short-term and trumpeted record U.S. production at an industry conference. https://www.japantimes.co.jp/business/2026/03/27/us-energy-confidence-global/?utm_medium=Social&utm_source=mastodon #business #oil #lng #trade #iran #economicindicators #us #energy
Trump officials tout U.S. energy dominance as global oil executives warn of supply crisis

The contrasting messages relayed to industry leaders at the annual CERAWeek conference in Houston reflected the different political realities in the U.S. and the rest of the world.

The Japan Times
Mar 27 at 9:42amBuffer
Show threadSupermoosieMar 27

@thejapantimes

" between 30 and 40 per cent of Gulf refining capacity has been damaged or destroyed by Iran's retaliatory strikes, leaving a shortage of 11 million barrels a day on global oil markets. Lescure warned it could take up to three years to restore damaged facilities, and several months to restart those that were urgently shut down."

Saudis had 2 million barrels a day spare capacity, while UAE had 1 million spare.

So not enough to fill the gap.

So large shortages for several months at least.

More US production won't be seen for 12 months.

So won't be short term.

Trump has started war, that rewards his donors in the US oil industry, while also creating the conditions that will see new rigs in sensitive environmental areas that previously were not cost effective. Which has been Trumps policy to open to oil rigs.

https://www.france24.com/en/france-confirms-oil-crisis-says-30-40-gulf-energy-infrastructure-destroyed

https://theboard.world/articles/energy/opec-production-cuts-2026-why-saudi-arabia-holds-all-the/

Business - France confirms oil crisis, says 30-40 percent of Gulf energy infrastructure destroyed

France's Finance Minister Roland Lescure revealed on Wednesday that between 30 and 40 per cent of Gulf refining capacity has been damaged or destroyed by Iran's retaliatory strikes, leaving a shortage of 11 million barrels a day on global oil markets. Lescure warned it could take up to three years to restore damaged facilities, and several months to restart those that were urgently shut down.

FRANCE 24